Bit-comment: Bitcoin is fighting for the $8K threshold
June 06, 2019 @ 10:41 UTC
Over the last 24 hours, Bitcoin adds half a per cent and trades around $7,850. Altcoins mirrors this dynamics, as investors primarily monitor what is happening with BTC.
Bitcoin is fighting for the $8K threshold, the same manner it once fought for previous threshold levels against the backdrop of one well-established pattern. First, a sharp surge, then a correction, after that for some time a consistent struggle for resistance levels which were broken during the spike, and then a new surge.
If this pattern really works, then in a matter of one week we will observe a tug of war between the bulls and bears, and then BTC will receive a new growth impulse. The bears can take BTC under control in case of unexpected negative news background. At the moment, Bitcoin is more prone to cautious growth. In 2017, the real summer “heat” in the cryptocurrency market began by the end of June, when, in principle, the cryptocurrency market began to exist for most people. In June 2019, investors can have a new chance and hope for rapid growth.
The FxPro Analyst Team